After learning about “How To Create Stock Groups and Stock Items?” now we will see “how to Activate GST details in Tally?”
In TallyPrime at the time of creating a company then you need to set the GST details but in case you missed setting GST details there are many ways you can set up the GST details, so let’s start.
Set GST Details from “Go To”
From the gateway of TallyPrime press “Alt + G” or select “Go To” from the top of the screen. Select “Alter Master” after that Master Alteration screen will appear in that type “GST” and select “GST Details”.
Now GST Details screen will appear, you need to input GST details.
Enable/Activate GST for Regular Dealers
1.State – shows the State name as selected in the Company Creation screen. This helps in identifying local and interstate transactions according to the party’s state.
2.Select the Registration type as “Regular”
4.Enter the date from GST applicable, the date as you entered will be applicable for your transactions from this date onwards.
5.Enter the GSTIN/ UIN of the business
6.Select the periodicity of GSTR 1 as monthly or quarterly as the applicable case based on the turnover.
7.Set to Yes/No option for e-Way Bill with the Applicable from the date and Threshold limit.
8.Select the value to be considered for e-Way Bill for the option Threshold limit includes
9.Set the option Applicable for “intrastate to Yes/No”, if it applies to your State and enter the Threshold limit
Note: Some Additional fields may appear for few states depending on the statutory needs of the respective state.
10. To activate calculation of tax liability on advance receipts- set the option “Yes” – “Enable Tax Liability on advance receipts”. By default it is “NO”
11. For Enabling tax liability on reverse charge (Purchase from unregistered dealer) set this option “Enable tax liability on reverse charge (Purchase from unregistered dealer)” -Yes. By default it is “NO”
12. If you want to set the GST rate at the company level then enable the option “Set/alter GST rate details“.
13. To create and use the classifications in GST Details screen of masters. Set the option Enable GST Classification? to Yes,
14. In case the “LUT/Bond details” applicable then set the option “Yes”, post setting the option enter the details of : LUT/Bond No. , and Validity period
15. Press “CTRL + A” to Save
Enable/Activate GST for Composition Dealers
From the same GST Details screen, as we saw above you need to input GST details.
1. The State field helps in identifying local and interstate transactions according to the party’s state. If you change the state here, the company details will get updated.
2.Set the Registration type as Composition .
3. Set the option Assessee of Other Territory to Yes , if your business unit is located in the Exclusive Economic Zone (another territory).
4. Specify GST Applicable from date. GST composition will be applicable for your transactions from this date onwards.
5. Specify the GSTIN/UIN for the business. This can be printed in the invoices as required. You can specify this later.
6. Tax rate for taxable turnover appears as 1%. This rate is applied to your transactions to arrive at the taxable value.
With The help of “F11” Key
From the gateway of TallyPrime press “F11” and in Taxation – Enable Goods and Service Tax (GST) to “YES”. GST details screen will appear as we discussed above. In the same way, you can activate GST details.
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